Basic Accounting Standards
It would seem in a time where the recession and the economy are at an all time low, that there were be more standards put in place to monitor the situations among the businesses in the country making money off of their product and off of the investors in their business. To me the Rule-Based vs. Principle-Based Accounting Standards makes a lot of sense because you can get a big picture of the accounting that is going on and with more rules, you get more accurate data, correct? With the Principles I understand you would get a better big picture, but does it keep everyone accountable?
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